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New Visitor
Posts: 1
Registered: ‎11-05-2007
0

Fico for new imigrants - please help

Dear Fico Community
 
My fammily and I will be moving permanently to the United States of America in January 08 from South Africa. Her in SA we have an excellent credit history spanning 30 odd years but I understand that when we arrive in the US that record is wiped out and not considered towards a Fica score. Does anybody have advise how a new imigrant should go about establishing a fica score?
 
Your help would be greatly appreciated.
 
Willie
Super Contributor
Posts: 8,195
Registered: ‎03-25-2007
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Re: Fico for new imigrants - please help

First, congrats on the World Cup - well deserved  Smiley Very Happy
 
When I came here I had my pay check deposited into a bank and applied to them for a credit card.  After explaining my situation in person I got one, and that helped build up my credit score.
 
Joining the local expatriate community is often helpful, and they usually know the local area.
 
Credit Unions the States can also be helpful - again, talk to them in person.
 
Secured cards are available as a last resort.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Fico for new imigrants - please help

Some of these articles talk about illegal immigrants and credit, and I offer them up simply to aid in the baseline of information on the subject.

http://en.wikipedia.org/wiki/Credit_history#International_issues
http://blogs.usatoday.com/oped/2007/02/post_71.html
http://www.consumerbadcreditguide.com/creditforimmigrants.html
http://www.consumerbadcreditguide.com/debtsimmigrants.html

http://www.bankrate.com/brm/news/Financial_Literacy/June07_credit_score_FICO_a6.asp?caret=38a

Something right around the corner and clearly here to stay are "alternative credit scores." These are scores, such as the FICO Expansion score, that lenders can use to help assess the risk of a consumer who has had no credit relationships. It could be a teenager applying for credit for the first time, a recent immigrant, a spouse whose partner is gone for whatever reason and has never had credit in his or her own name. Now lenders are beginning to use alternative credit scores in larger and larger numbers. So, for consumers who are just starting out managing credit, the day may soon arrive when instead of filling out long applications and expecting high interest rates and low credit limits, consumers may be treated with the same speed and convenience as the rest of the people who already have an established credit history and a good credit rating.
--Craig Watts, Public Affairs Manager, Fair Isaac Corp.

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